Markit Commentary
Copper prices fall as demand shows signs of peaking
Price fall linked to weaker demand
Copper prices have dropped sharply in recent weeks. Having risen to an average of $7,830 per tonne in March, the highest for 20 months, LME copper had fallen to $6,720 by mid-May – a decline of around 14% and the lowest since mid-November 2009. Markit Purchasing Managers’ Indices (PMI) data suggest output growth at global copper-using firms may have peaked.
Full note attached.
